Some might say that the contract management space is becoming a crowded arena in legal technology. But Jason Boehmig, co-founder of the Silicon Valley-based startup Ironclad, doesn t really think so.
It s crowded and it s not crowded at the same time, he said, noting that his company s technology stands apart because of its uniquely Silicon Valley approach strong tech talent, quick development times, and collaborations with other tech field leaders.
Some investors seem to agree. Ironclad emerged from relative stealth mode earlier this year, and this week completed an $8 million Series A funding round led by venture capital firm Accel. A former attorney at Fenwick & West, Boehmig said that while Ironclad has built some strong inroads within other Bay Area companies like GoFundMe, Gusto and HotelTonight, the funding will help the contract startup widen its reach.
Although the company launched in 2015 following participation in Y Combinator s summer class, it has since taken a low key approach to scaling out its operation. I think it s very dangerous to scale before you find product/market fit, because you re spread in a lot of different directions, and once you scale, the stakes get a lot higher, Boehmig previously told Legaltech News.
Following this funding round, Ironclad may have some more scaling opportunity. Here s a look at the platform:
Who it serves: Ironclad is likely to be of most value to legal departments looking for help streamlining their contracting process. The platform features automated workflows and leans heavily on shared APIs with e-signature and document management companies like DocuSign and Box.
Boehmig explained that in his view, some competitors in the contract management space promise to handle these components, but build out less than impressive systems. Additionally, some customers want to keep working with the systems they ve grown accustomed to. We realized, Boehmig said, there s reusable parts that we can work with and in fact our companies prefer we work with.
What it does: Ironclad is essentially a Silicon Valley spin on contract management. The platform stores contracts, but also breaks contracts down into code that allows the software to analyze documents for content, tag and search through contracts, and provide key analytics. Ironclad s platform also allows users to create specific user workflows and generate contract templates. We re trying to build a database of contract information that stays up to date automatically, Boehmig said.
How they claim A.I.: If there were awards for the most overhyped buzzwords in technology, artificial intelligence would almost certainly claim the title for 2017. While Ironclad touts an AI-enabled product and strong connections to AI developers like Accel partner Steve Loughlin, the former CEO of relational intelligence company Relate IQ and a current Ironclad board member, the company is trying to wade into the AI waters carefully.